Being Self-employed means being the direct receiver of payment through private service or business or simply by freelancing as opposed to working for a salary/wage. Being self employed comes with perks such as flexible work hours, authority to take decisions and liberty of working style. There are numerous types of self-employment. Let’s take a look at how to be self-employed.

1. Capitalise on your niche

Identify the thing you have to offer in exchange of money. Make sure you are offering something you are really good at. Failing to do so will make you look fraudulent and you might eventually run out of work.

Some of the types of self-employment include tutoring- whether it is any subject in academics, music, drawing or setting up a private clinic(healthcare services) . Freelancing is a popular form of self-employment. Starting your own business is also a widespread form of self-employment.

2. Assess your resources

Being self-employed has its unique challenges. Unlike a salaried person, you have to start from scratch. It is very important  to analyze your financial resources bit by bit, so your plan doesn’t puncture midway.

You can begin by assessing the costs of goods/material involved. If you’re getting into tutoring, think about how many desks,chairs, boards you want. If you’re starting your own business, calculate the cost of raw materials, labour and machinery(if any).

3. Define your audience

One of the most crucial steps of learning how to be self-employed is to define your target market. Identify who your customers are and why they need your product/services. Find out the shortcomings of your sector in the market and make sure you capitalize on that.

For a decent response, consider setting up your establishment in an area that doesn’t already have those services. If you are setting up warehouses or manufacturing units, consider a place where land is cheaper.

4. Target effective marketing

Learning how to be self-employed involves investing considerable money and effort into marketing. It is necessary to make sure that your money and resources are going in all the right places. Invest them only where you want to capture the market.

Do not forget to invest in digital marketing because of its obvious edge. A flashing ad on their gadget screens never escapes their eyes. There are many digital marketing firms that can help you reach to a greater audience.

5. Decide your income

By deciding your income, I do not mean taking an estimate merely by looking at what your contemporaries are charging or defining it by a profit margin. It should be an ideal balance of the two. Compute it by considering your factor income calculated in step 2 and also by the competition in the market.

Also understand that when you are just starting out and are perceived as unexperienced by the public, you cannot expect a high income or a profit margin at all in the beginning. Set your initial income lower than your contemporaries, thus you will have a loyal customer base.

6. Sort out legal issues

The final step of learning how to be self-employed is getting registered and authenticated. When you start earning decently, you will be required to pay taxes. Figure out what income slab you fit into and sincerely pay your taxes.

Most professions will require you to have licenses and certifications for the purposes of authentication. Do your research and know the procedure to get these. Frame them and hang them on your main office walls. This will help you gain your customer’s trust as well.